Soak the cod in cold water for several
hours, depending on how hard and salty it is. Change the water once or
twice during soaking. Drain the
fish and transfer it to a saucepan. Pour in water to cover. Bring to a
gentle simmer and cook for about 15 minutes until the fish is tender.
Drain, reserving the stock. Remove any skin or bones from the fish and
cut it into 1.5 inch pieces.

Make the
sauce. Remove the stems and shake out the seeds from the ancho chilies.
Tear the pods into pieces, put in a bowl of warm water and soak until
they are soft. Drain the
soaked chilies and put them into a food processor with the onion,
oregano, coriander and serrano chili. Process to a puree.

Heat the oil
in a frying pan and cook the puree, stirring, for about 5 minutes. Stir
in the fish or chicken stock and simmer for 3-4 minutes. Add the
prepared cod and simmer for a few minutes longer to heat the fish
through and blend the flavors. Serve garnished with the sliced chili.

Serves 6

Dried salt cod is a great favorite in
Spain and Portugal and throughout Latin America. Look for it in Spanish
and Portuguese markets.